GBP/USD – sterling/dollar continues to show its strength
The GBP/USD has been very strong since finding a near-term bottom down at 1.4050 back in early April. Since then, price has risen up to a high of 1.4670 last week, reflecting the conviction of buyers in this market right now. We have been looking to buy this pair in recent weeks to trade in-line with this bullish momentum and we will retain that view this week. Should price rotate lower, to the downside, we will watch for price action signals on the 1 hour, 4 hour or daily chart time frame to buy near or just above support at 1.4300 – 1.4350.
Gold – uptrend in gold continues
As is evident in the gold chart below, price broke up and out from a multi-month consolidation (sideways price action) range last week as the uptrend kicked into high gear. This week, we are looking to buy this market should price weaken slightly and form a price action buy pattern ideally down near the 1250.00 – 1260.00 area. We will remain aggressively bullish on this market whilst it trades above 1208.00 – 1230.00 area of support.
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S&P500 – S&P500 rotates lower but overall uptrend intact.
Last week, the S&P500 retraced lower but we see this as a minor correction to the downside within the overall uptrend that’s been in place for some time now in this market. Our recent views of looking for buy signals on pullbacks to support (downside corrections within the uptrend) remains. We will consider buying this market close to or just above the 2030.00 area this week only if we see a price action confirmation signal from there this week. We will retain our bullish (upward) bias on this market until we get a convincing close under the 2000.00 level.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com